The recent Bitcoin price has fluctuated between $104,000 - $108,500. There is short-term pressure, focusing on the $105,500 level; a breakthrough may lead to a rebound, while a drop below $103,000 could trigger further declines. In the long term, supported by factors such as institutional capital inflow and supply contraction, if the macro environment stabilizes, it is expected to challenge $150,000 or even higher by 2025.